Aug.4 (GMM) Michael Schumacher will reportedly be paid 1m euros per race and a bonus 1m euros per victory when he begins substituting for injured Ferrari driver Felipe Massa as from the European grand prix later this month.

The German daily Die Tageszeitung also said the 40-year-old German is very likely to have his non-driving advisory contract with the Maranello based team renewed.

The agreement, estimated to be worth at least 5m euros per season to the seven time world champion, is currently set to expire at the end of 2009.